Latest news with #Rs265
Express Tribune
13-03-2025
- Business
- Express Tribune
Reserves drop $152m amid debt repayments
The central bank said in its latest weekly update on Thursday that the country's foreign exchange reserves, held by the SBP, decreased $66 million to $8.15 billion in the week ended January 5, 2024 due to debt repayments. photo: file Listen to article Pakistan's foreign exchange reserves registered a decline in the week ended March 7, 2025 as the central bank's deposits fell $152 million to $11.098 billion. The drop was attributed to external debt repayments, according to the latest data released by the State Bank of Pakistan (SBP) on Thursday. The total liquid foreign reserves held by the country stood at $15.929 billion, of which the SBP held $11.1 billion while commercial banks had net reserves of $4.8 billion. "During the week ended on March 7, 2025, SBP's reserves decreased by $152 million to $11,097.9 million due to external debt repayments," the central bank stated. Meanwhile, gold prices in Pakistan continued their upward trend, mirroring gains in the international market. In the local market, the price of gold per tola surged Rs2,800 on Thursday, reaching Rs309,300. Likewise, the price of 10-gram gold rose Rs2,400 and settled at Rs265,174, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). On Wednesday, the per-tola gold price had already recorded an increase of Rs500. Meanwhile, bullion also climbed in the global market. As per APSGJA, the international gold rate stood at $2,942 per ounce (including a $20 premium), higher by $27 for the day. "Gold has surged today (Thursday), standing at $2,976, with a low of $2,932," said Adnan Agar, Director of Interactive Commodities. "If the market closes above $2,930, we will see an upward movement," he said. Gold is currently holding near its peak at $2,976. It is also very close to the $3,000 mark, he said. "There is a strong barrier at $3,000, so we may see profit-taking at that level. The market could push towards $3,000 or even $3,025, but selling pressure and profit-taking are expected near these levels." The primary reason behind this movement is US President Donald Trump's ongoing tariff announcements. Every day, there is a new development regarding tariffs. Recently, he has hinted at imposing tariffs on Europe, which has further pushed the market upwards, he said. Moreover, the Pakistani rupee experienced a slight decline against the US dollar, depreciating 0.03% in the inter-bank market. By the end of trading session, the currency settled at 280.05, a loss of eight paisa against the greenback. A day earlier, the rupee had closed at 279.97. On the global front, the US dollar edged higher on Thursday, supported by an uptick in US Treasury yields. However, currency markets remained in tight ranges as investors assessed the impact of escalating global trade tensions on US inflation and economic growth.
Express Tribune
24-02-2025
- Business
- Express Tribune
Gold touches record highs again
Gold prices in Pakistan surged to a new all-time high on Monday, reflecting global market trends. The price of gold per tola climbed by Rs1,500, reaching Rs309,500. Likewise, the rate for 10 grams of gold rose by Rs1,286 to settle at Rs265,346, as reported by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On the preceding Saturday, gold prices had already increased by Rs1,000, bringing the per tola price to Rs308,000. Globally, however, gold prices saw a decline on Monday as traders secured profits following recent record highs. The market focus has now shifted to an upcoming US inflation report, which could influence future price movements. According to Adnan Agar, Director of Interactive Commodities, gold has once again tested its recent peak of 2955. However, the market has slightly dipped to around 2940. He noted that this week is critical in determining gold's next move, with the possibility of either further price increases or a correction. Agar emphasised that gold appears to be showing signs of exhaustion, which could lead to further movement in either direction. The gold price surge in Pakistan aligns with international trends, where inflation concerns and economic uncertainty continue to drive demand for the precious metal. Globally, gold prices surged to a record high on Monday, driven by safe-haven demand amid concerns over US President Donald Trump's tariff plans, with additional support coming from inflows into the world's top gold-backed exchange-traded fund. Spot gold rose 0.2% to $2,941.60 an ounce as of 1433 GMT. It hit $2,956.15 earlier in the session - its eleventh record high in 2025. US gold futures added 0.2% to $2,957.50. The US dollar index touched its lowest level since December 10 earlier in the session, making bullion more affordable for buyers using other currencies. Meanwhile, the Pakistani rupee experienced a slight decline against the US dollar, weakening by 0.03% in the interbank market on Monday. By the close of the trading session, the rupee stood at 279.66, marking a depreciation of Rs0.09 against the dollar. Over the past week, the local currency also faced a downward trend, losing Rs0.36 or 0.13% in the interbank market. According to the State Bank of Pakistan (SBP), the rupee had closed at 279.57, compared to 279.21 a week earlier. Zafar Paracha, of the Exchange Companies Association of Pakistan (ECAP), said the SBP is supporting the US dollar by purchasing it to assist exporters; otherwise, the dollar could depreciate against the rupee. Between June and November 2024, the SBP's net foreign exchange interventions reached $5 billion, according to AHL. This strategic action led to a $2.9 billion increase in the country's foreign exchange reserves, with the remaining amount allocated toward managing the country's debt repayments.
